According to a recent announcement, Adobe will be acquiring the well-known design platform Figma, in an almost $20 billion cash and equity transaction. Early on Thursday, there were speculations of a possible acquisition; shortly after, Adobe confirmed it in a press release. It’s major news in the design and development industries, especially considering how fiercely Figma has been a heavy competition for Adobe’s XD products.
According to Adobe, “together, Adobe and Figma will reimagine the future of creativity and productivity, accelerate creativity on the web, advance product design and inspire global communities of creators, designers and developers.” The company further disclosed that “the combined company will have a massive, fast-growing market opportunity and capabilities to drive significant value for customers, shareholders and the industry.”
The design platform Figma is a company that was created by collaborative efforts by Dylan Field and Evan Wallace ten years ago, this platform has recently grown to become an essential part of so many companies today. Every day, thousands of Microsoft designers and engineers use Figma to create products like Office, Windows, and more. It is utilized so frequently at Microsoft that it has been putting the company’s strong collaboration with Adobe to the test.
Although Figma’s service is web-focused, Adobe and its competitors have found it difficult to compete with them for years now. Adobe now intends to merge its own community with Figma, and it’s likely that this will eventually mean including Figma’s goods and services in the Adobe Creative Suite.
For the time being, Figma won’t change. Dylan Field, co-founder and CEO of Figma, states, “We plan to continue to manage Figma the way we have always run Figma – continuing to do what we believe is best for our community, our culture, and our business.” “Adobe is steadfastly dedicated to maintaining Figma’s independence.” Field will continue to lead Adobe as CEO and report to David Wadhwani, the company’s president.
Figma also hopes to significantly enhance web product design by utilizing Adobe’s experience in 3D, video, vector, image, and typefaces. According to Field, the new business would create “new tools and venues to empower clients to make goods more quickly and easily.”
Although Adobe hasn’t officially revealed its long-term goals or objectives, we might learn more about the goals the business will host after its conference call with investors.